Shanghai Jinjiang International Hotel Management Co. Ltd, primarily proposing a listing hearing in Hong Kong Stock Exchange and Clearing (HKex) this week, plans to put its all hotel and catering business on board to raise less than 2.3 billion yuan, according to the source.
The group will launch its initial public offer (IPO) between the end of Oct and ealy Nov, which will make it the first pure-China hotel share in HK. Source said as a largest hotel management group in Asia, the group expects to list at the value higher than Shangri-La Hotels and Resorts (Asia) which Price to Book Value Ratio in 2006 is about double.
The proposed listing assets of the group include G Jinjiang of A share the chained-operate Star of Jinjiang. By the end of April this year, the group operated and managed 220 hotels with 45 thousand rooms, ranked 22nd in the list of global major hotel management group.
While in the way of catering unit, the group also own many jointed-venture brands such as Kentucky etc.
According to the source, Star of Jinjiang - the famous brand of the group plan to expand its netpoint to 600-800 in five years; and the group proposed owning many hotels invested by foreign or managed.